LONDON Wolfson Microelectronics plc (Edinburgh, Scotland), a supplier of mixed-signal circuits for consumer electronics, made an operating loss of $2.4 million on second quarter revenue that reached $33.2 million, a rise of 32 percent sequentially but down 38 percent from Q2 2008.
Wolfson said that order patterns were "volatile" with poor visability into the future.
For the first half of 2009 Wolfson made an operating loss of $7.7 million on revenue of $58.4 million, compared with a $7.9 million profit on revenue of $100.3 million in the first half of 2008. The net cash balance at July 5, 2009 of $100.7 million with no debt.
"We continue to execute well against our plan for 2009 of accelerated new product development and cash conservation. We brought more new products to market in the first half of 2009 than we did in all of 2008, whilst at the same time increasing our cash balance," said Mike Hickey, CEO of Wolfson, in a statement. "We are delighted to report first revenues from our silicon microphone products and the selection of our unique noise cancelling technology by Nokia for their latest stereo headset."
"Although our first half results overall reflect the ongoing challenging macroeconomic conditions, the second quarter saw a return to cash break-even as Q209 revenue grew by more than 30 percent sequentially, and our cash balance grew to over $100 million. Whilst end market demand visibility remains poor and ordering patterns 'choppy' we have refreshed our product portfolio with exciting new products which are gaining significant market traction, with more to come in the second half."
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